The World's Wealthiest People Now Own Half of the World's Riches

According to a story published by CBS News, the world’s wealthiest
citizens now own about one-half of the world’s riches. Earlier this
year, the charity, Oxfam, predicted that this would occur by 2016. Reports
state that at this time, the wealthiest are thriving while the rest are
forced to make do with less as each year passes.

As a result, many policymakers and American employees fear that the inequality
between economical classes is damaging those in the middle and lower classes.
Findings also determined that in North America, the middle class possesses
less than average wealth, making North America the only region for which
this is true. Additionally, the middle class has not recovered from the
economic level they stood at in 2007 since the recession.

What Negative Affects Can Come From This?

Sources state that this unbalanced economy can lead to worse inequality
and can worsen the lack of growth in areas where the middle class and
poor are unable to find jobs or live comfortably. Many also believe that
the gap between levels of income can worsen America’s long-term
economic growth.

The CBS News article states that as of now, the income distribution leftover
from the world’s richest 1% does not come out ahead, making the
lower 71% of the world’s population control only about 3% of the
world’s wealth. This means that each person in the lowest levels
has less than $10,000 in assets. The remaining 21%, the middle-class,
only owns about 12.5% of the world’s assets, giving each person
in that class about $100,000 in assets.

These statistics are frightening when one considers the eventual economic
collapse that can occur as a result.

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